Fairway Wins Approval of Restructuring Plan

Plan will cut grocery chain’s funded debt by half

Fairway Group Holdings Corp., a New York supermarket chain that faltered following an ambitious expansion, won court approval on Tuesday for a reorganization plan that will cut its debt load in half.

Judge Michael Wiles of the U.S. Bankruptcy Court in Manhattan signed off on the plan a little more than a month after the store operator filed for chapter 11 protection. The company hopes to emerge formally from bankruptcy within two...